Asia Pac IPO & Placement Research, China biotech, Aequitas Research

Ke Yan, CFA, FRM

Asia Pac IPO & Placement Research, China biotech

IPOs and Placements coverage across Asia Pacific

Aequitas Research

We cover all listing across the Asia Pacific along with follow-up placements. As of Dec 2020, our team had covered 539 IPOs with a hit rate of 73.5% and 685 placements with a hit rate of 66.8%.

We combine fundamental bottom-up views with our proprietary quantitative framework to provide a holistic coverage across new listings and placements. Our coverage includes pre-IPO notes before the deal is launched, follow-up analysis once the deal is live and post-listing trading analysis as well.

Quantitative Analysis

<ul>
<li>We analyze the weekly Shanghai/Shenzhen northbound Connect flows with our data engine.</li>
<li>Banks led the outflow as offshore investors are concerned about the risk from property sectors.</li>
<li>We highlight inflows into Mindray, Tianjin Zhonghuan, BYD and outflows from banks.</li>
</ul>


We analyze the weekly Shanghai/Shenzhen northbound Connect flows with our data engine.
Banks led the outflow as offshore investors are concerned about the risk from property sectors.
We highlight inflows into Mindray, Tianjin Zhonghuan, BYD and outflows from banks.


Northbound Flows: Mindray, Tianjin Zhonghuan, BYD, Banks

<ul>
<li>We analyzed the latest HK SFC report for aggregate short position as of Jul 8th.</li>
<li>Top short increases and decreases were tabulated for one week and four week period. </li>
<li>We highlight short interest changes in Innovent Biologics, Yeahka, CR Beer, Great Wall Motor.</li>
</ul>


We analyzed the latest HK SFC report for aggregate short position as of Jul 8th.
Top short increases and decreases were tabulated for one week and four week period. 
We highlight short interest changes in Innovent Biologics, Yeahka, CR Beer, Great Wall Motor.


HK Short Interest: Innovent Biologics, Yeahka, CR Beer, Great Wall Motor

Pan-Asia Catalysts/Events, Quiddity Advisors

David Blennerhassett

Pan-Asia Catalysts/Events

Quiddity Advisors

Event-Driven

<ul>
<li>Inside is a recap of movements in the last week relating to the Hong Kong Stock Exchange -Shanghai and Shenzhen Northbound Connect facilities, broken down by company and industry.</li>
<li>Overall, net outflow over the past week was ~US$1.28bn, split between Shanghai (-US$0.85bn) and Shenzhen (-US$0.43bn)</li>
<li>The largest inflows were into <a href="https://www.smartkarma.com/entities/aier-eye-hospital-group-co-ltd" target="_blank" data-smartkarma-citation="entities:1103:1" rel="noopener">Aier Eye Hospital (300015 CH)</a> and <a href="https://www.smartkarma.com/entities/shenzhen-mindray-bio-medic-a" target="_blank" data-smartkarma-citation="entities:28017:1" rel="noopener">Shenzhen Mindray  (300760 CH)</a>. The largest outflows were in <a href="https://www.smartkarma.com/entities/china-merchants-bank-co-ltd" target="_blank" data-smartkarma-citation="entities:714:1" rel="noopener">China Merchants Bank (600036 CH)</a> and <a href="https://www.smartkarma.com/entities/sungrow-power-supply-co-ltd" target="_blank" data-smartkarma-citation="entities:4255:1" rel="noopener">Sungrow Power (300274 CH)</a>.</li>
</ul>


Inside is a recap of movements in the last week relating to the Hong Kong Stock Exchange -Shanghai and Shenzhen Northbound Connect facilities, broken down by company and industry.
Overall, net outflow over the past week was ~US$1.28bn, split between Shanghai (-US$0.85bn) and Shenzhen (-US$0.43bn)
The largest inflows were into Aier Eye Hospital (300015 CH) and Shenzhen Mindray  (300760 CH). The largest outflows were in China Merchants Bank (600036 CH) and Sungrow Power (300274 CH).


Shanghai/​​​​​​​​Shenzhen Northbound Connect: Weekly Moves (15 July 2022)

<ul>
<li>We analyzed the latest HK SFC report for aggregate short position as of Jun 30th. </li>
<li>Top short increases and decreases were tabulated for one week and four week period.</li>
<li>We highlight changes in short interests for AIA, Li Ning, and Li Auto.</li>
</ul>


We analyzed the latest HK SFC report for aggregate short position as of Jun 30th. 
Top short increases and decreases were tabulated for one week and four week period.
We highlight changes in short interests for AIA, Li Ning, and Li Auto.


IPOs and Catalysts/Events, Global Equity Research Ltd

Arun George

IPOs and Catalysts/Events

Uncompromised, Independent, Conflict-Free Research

Global Equity Research Ltd

Global Equity Research was started in 2017 by a group of experienced research professionals. It was founded on a passionate belief in the importance and the need for uncompromised, independent, conflict-free research. We aim to provide differentiated and actionable primary and bottom up fundamental research.

Equity Capital Markets

<ul>
<li>
<a href="https://www.smartkarma.com/entities/noah-holdings-ltd-spon-ads" target="_blank" data-smartkarma-citation="entities:13585:1" rel="noopener">Noah Holdings (NOAH US)</a> priced its H Share at HK$292.00 per share (US$18.60 per ADS) to raise gross proceeds of US$41 million. The H Share will trade on 13 July. </li>
<li>The H Share listing is primarily to address the risk of a potential US delisting. With cash accounting for around 50% of the market cap, Noah is well capitalised. </li>
<li>The valuation is attractive for a company well-positioned to take advantage of any improving market sentiment and an easing of the risk-off sentiment.</li>
</ul>



Noah Holdings (NOAH US) priced its H Share at HK$292.00 per share (US$18.60 per ADS) to raise gross proceeds of US$41 million. The H Share will trade on 13 July. 
The H Share listing is primarily to address the risk of a potential US delisting. With cash accounting for around 50% of the market cap, Noah is well capitalised. 
The valuation is attractive for a company well-positioned to take advantage of any improving market sentiment and an easing of the risk-off sentiment.


Noah Holdings: Rich Pickings but Patience Required

China

China Merchants Bank Co., Ltd. operates as a commercial bank. The Company provides deposits, loans, wealth management, asset custody, finance leasing, investment banking, and other banking services. China Merchants Bank conducts businesses domestically and internationally.

Price Gauge
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China Merchants Bank A (600036 CH)

Northbound Flows: Mindray, Tianjin Zhonghuan, BYD, Banks

Northbound trade recorded $3.2bn outlfows last week. We highlight inflows into Shenzhen Mindray, Tianjin Zhonghuan, BYD and outflows from banks.

Ke Yan, CFA, FRM

HK Short Interest: Innovent Biologics, Yeahka, CR Beer, Great Wall Motor

We highlight week on week short interest changes in Innovent Biologics, Yeahka, CR Beer, Great Wall Motor based on the latest HK SFC short...

Ke Yan, CFA, FRM

Shanghai/Shenzhen Northbound Connect: Weekly Moves (15 July 2022)

Overall, net outflow over the past week in the HK -Shanghai-Shenzhen Northbound Connect facilities was ~US$1.28bn, split between Shanghai (...

David Blennerhassett

HK Short Interest: AIA, Li Ning, Li Auto

We highlight week on week changes in short interests for AIA, Li Ning, and Li Auto based on the latest Hong Kong SFC short aggregate report.

Ke Yan, CFA, FRM

Noah Holdings: Rich Pickings but Patience Required

The valuation is attractive for a company well-positioned to take advantage of any improving market sentiment and an easing of the risk-off sentiment.

Arun George

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

Northbound Flows: Mindray, Tianjin Zhonghuan, BYD, Banks

Northbound trade recorded $3.2bn outlfows last week. We highlight inflows into Shenzhen Mindray, Tianjin Zhonghuan, BYD and outflows from banks.

Ke Yan, CFA, FRM

HK Short Interest: Innovent Biologics, Yeahka, CR Beer, Great Wall Motor

We highlight week on week short interest changes in Innovent Biologics, Yeahka, CR Beer, Great Wall Motor based on the latest HK SFC short...

Ke Yan, CFA, FRM

Shanghai/​​​​​​​​Shenzhen Northbound Connect: Weekly Moves (15 July 2022)

Overall, net outflow over the past week in the HK -Shanghai-Shenzhen Northbound Connect facilities was ~US$1.28bn, split between Shanghai (...

David Blennerhassett

HK Short Interest: AIA, Li Ning, Li Auto

We highlight week on week changes in short interests for AIA, Li Ning, and Li Auto based on the latest Hong Kong SFC short aggregate report.

Ke Yan, CFA, FRM

Noah Holdings: Rich Pickings but Patience Required

The valuation is attractive for a company well-positioned to take advantage of any improving market sentiment and an easing of the risk-off sentiment.

Arun George

Shanghai/Shenzhen Northbound Connect: Weekly Moves (15 July 2022)